Mermaid Maritime Bags Subsea Contracts, Delays Newbuilding

Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million.

It has also reached an agreement with builder China Merchants Industry Holdings to postpone the delivery dates for its new assets currently under construction.

Off Qatar and Saudi Arabia, Mermaid's western hemisphere business unit won seven subsea projects with an estimated aggregate value of US$11 million.

The subsea projects involve survey, inspection, repair and maintenance and light construction in various offshore fields including Manifa, Safaniya, Zuluf and Tanajib in Saudi Arabia. Most projects will be completed by the end of August, Mermaid said.

Chalermchai Mahagitsiri, Mermaid’s CEO, said: “Mermaid Endurer is the pride of the fleet of Mermaid, and we are pleased to have the ship deployed once again here in Qatar. Additionally, the chartered-in DP2 construction barge Mubarak Supporter has just completed a successful cable laying campaign, and will demobilize in the Kingdom of Saudi Arabia over the coming days.”

Originally scheduled for delivery at various periods in 2016, delivery date for performance-class tender rigs MTR-3 and MTR-4 have been pushed to 31 December 2016, while delivery for the DP2 multipurpose subsea dive support and construction vessel Mermaid Ausana will be on 30 June 2017.

To mitigate financial exposure, Mermaid Maritime says it had already recorded an asset impairment write-off on the entire deposit and associated costs related to projects in its 2015 Financial Statements.